On this site we discuss the most popular bankruptcy
alternatives. However, for some people, bankruptcy
may be the only option.
Why should I consider filing for personal bankruptcy?
The editors of bankruptcy-alternatives-information.com
want you to understand all of your options. That's
why we created this site. Because filing for personal
bankruptcy is the last resort when dealing with financial
problems, we want you to understand all of your options.
To understand your bankruptcy alternatives, you need
to understand personal bankruptcy, and why people
file for personal bankruptcy. There are many reasons.
First, personal bankruptcy gives you a fresh start.
Whether you file personal bankruptcy under Chapter
7 or Chapter 13 in the United States, or under the
laws in the country where you live, personal bankruptcy
is designed to discharge your debts. Without the burden
of debt payments each month, you can get on with your
life. It's a fresh start.
Of course your personal bankruptcy will be disclosed
on your credit report, so your credit will not be
perfect, but the fresh start is a result of the discharging
of your debts.
Second, filing for personal bankruptcy stops wage
garnishments. If you owe money and a creditor
takes you to court and obtains a judgment so they
can garnishee your wages, you may have no option but
to go bankrupt. Stopping a wage garnishment and other
legal actions is a significant benefit that can often
only be gained by starting the formal bankruptcy process.
Third, filing personal bankruptcy relieves
stress on you and your family. If you are getting
collection calls at home and at work you are suffering,
but your family is also suffering. Filing bankruptcy
may benefit your family as much as it benefits you.
We called this site bankruptcy-alternatives-information.com
for a reason. We want you to understand all of your
bankruptcy alternatives, so you can make an informed